In the year to February, the Bank of England earned a profit of nearly £1 billion on activities during the financial crisis. "The bank's profit is a consequence of policy decisions to tackle the financial crisis," a central bank representative said. BoE Governor Mervyn King said the central bank welcomes the statutory role it received, while renewing calls for additional authority. "I regret that the new responsibility has not been accompanied by any new powers to deal with banks before they fail. Responsibilities and powers need to be aligned," King said.

Related Summaries